Donegal Group (NASDAQ:DGICB) Shares Gap Down - Here's What Happened

Key Points

• Donegal Group shares gapped down sharply before Friday’s trading, opening at $20.86 after closing at $22.98 and later trading near $19.84 on light volume.
• The company’s most recent earnings disappointed, with EPS of $0.30 missing the $0.45 consensus and revenue of $236 million coming in below expectations.
• Donegal Group recently объявлен a quarterly dividend of $0.175 per share, implying a 3.3% annualized yield, while analysts currently maintain a consensus Hold rating.

Donegal Group, Inc. (NASDAQ:DGICB - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $22.98, but opened at $20.86. Donegal Group shares last traded at $19.84, with a volume of 914 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reissued a "hold (c)" rating on shares of Donegal Group in a research report on Wednesday, June 24th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold".

Donegal Group Price Performance

The company has a debt-to-equity ratio of 0.05, a current ratio of 0.39 and a quick ratio of 0.39. The stock has a fifty day simple moving average of $21.05 and a 200-day simple moving average of $18.52. The company has a market capitalization of $783.57 million, a price-to-earnings ratio of 12.51 and a beta of 0.04.

Donegal Group (NASDAQ:DGICB - Get Free Report) last posted its earnings results on Thursday, April 30th. The insurance provider reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.15). Donegal Group had a net margin of 6.77% and a return on equity of 10.31%. The firm had revenue of $236.00 million for the quarter, compared to analysts' expectations of $247.83 million.

Donegal Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be given a $0.175 dividend. The ex-dividend date is Friday, July 31st. This represents a $0.70 dividend on an annualized basis and a dividend yield of 3.3%. Donegal Group's dividend payout ratio is 41.42%.

Institutional Investors Weigh In On Donegal Group

A hedge fund recently bought a new stake in Donegal Group stock. Raymond James Financial Inc. acquired a new stake in Donegal Group, Inc. (NASDAQ:DGICB - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 5,231 shares of the insurance provider's stock, valued at approximately $93,000. 1.19% of the stock is currently owned by hedge funds and other institutional investors.

About Donegal Group

Donegal Group Inc, an insurance holding company, provides personal and commercial lines of property and casualty insurance to businesses and individuals in the Mid-Atlantic, Midwestern, New England, and southern states. It operates through four segments: Investment Function, Personal Lines of Insurance, and Commercial Lines of Insurance. The company offers private passenger automobile policies that provide protection against liability for bodily injury and property damage arising from automobile accidents, as well as protection against loss from damage to automobiles.

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